Exam 43: Fundamentals of Accounting: Objectives, Concepts, and Principles

Drawings account is the nature of

Cash discount is provided?

The opening stock is shown in:

The term "compound entry" means that the journal entry has

The balance of petty cash is?

Entry representing the reversal or cancellation of an entry on the other side is called?

Errors of carry forward from one year to another year affect:

In India, a company can keep its books of accounts on?

Assets are usually valued under which basis?

It is generally assumed that the business will not liquidate in the near foreseeable future because of

What is the important objective of accounting?

General rules that are used as a guide in accounting and as a basis of accounting practices are called:

Capital expenditures are the expenditures incurred for the:

Which accounting concept or convention which, in times of rising prices, tends to understate asset values and overstate profits?

In case of a debt becoming bad, the amount should be credited to

The total of the 'Discounts Allowed' column in the Cash Book is posted to?

The principle of recognizing revenue proportionately on the basis of work actually done is generally followed in case of:

The International Accounting Standards Committee was set up in -

Money spent on heavy advertising, whose benefit is continuing for three years to come, is a __________.

Double Entry System was introduced in-